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Tony Fadell, the creator of the Apple iPod, has created a new hardware wallet that people can use for cryptocurrency storage.
Ledger, the French crypto asset security company, launched the product in question on Tuesday at the annual Ledger Op3n event.
The launch of the new device comes at a time when the downfall of the FTX empire of Sam Bankman-Fried has resulted in declining trust in centralized crypto platforms.
Named the Ledger Stax, the crypto storage device is quite small and looks like a credit card reader or a small smartphone.
In fact, its size is similar to that of a credit card as it is 54 millimeters wide and 85 millimeters long. As far as its weight is concerned, it is about 45 grams, which makes it lighter than an iPhone.
It offers support for a number of tokens, which include bitcoin, ether, Solana, Cardano and a number of non-fungible tokens (NFTs).
The display of the Ledger Stax is similar to what can be seen in the Kindle e-readers of Amazon, as it is a black-and-white E-ink.
The device also comes with magnets, so several of them can be stacked on top of each other, quite like a pile of cash, or books, which is why it has been named Stax.
People can use Bluetooth for connecting to their smartphones or use a USB cable for connecting to their laptops.
Fadell said that many Ledger owners keep multiple devices. Some people use them to store various cryptocurrencies or NFTs, or they might need them for storing the assets of different clients.
He also said that the display curves around the edges to allow people to see what each contains, similar to a book, or an old CD.
How it happened
The iPod creator disclosed that he had initially turned down the Ledger team’s offer for working on Stax. He said that when they had approached him, he didn’t wish to do so and turned them down.
He added that he had been interested in crypto, but he had other things on his plate. He later bought several older Ledger devices and discovered that most people did not know what to do with them.
He stated that he had found them difficult to use and they did not seem ready for consumer markets and there was a long way to go before mass adoption could happen.
The co-founder of the Nest smart thermostat before Google acquired it, Fadell decided to assist the Ledger team. The tech design expert said that it had reminded him of the iPod.
The Ledger Stax has been priced at $279 and the company said that preorders for it would begin on Tuesday, with shipment starting in the first quarter of next year.
This is not the first time that a company has attempted to introduce a smartphone dedicated to crypto and blockchain.
The Exodus 1 had been introduced by HTC in 2018 when there was a crypto winter ongoing and this mid-range device had come with a crypto wallet.
Likewise, Sirin Labs, the Switzerland-based startup, had also introduced Finney, a phone with a ‘cold’ wallet.
Solana also introduced an Android phone this year named Saga, which is designed for Web3. But, these devices have not been able to gain a lot of traction in the market.